Skydance Corporation (formerly known as Paramount Skydance Corporation) today announced the completion of its acquisition of Warner Bros. Discovery, Inc., creating a combined company, named "Skydance." The company brings together two major film studios, two global streaming services, a premier television portfolio including CBS, HBO, and Paramount's and WBD's cable networks, two of the industry's most recognized news networks, CBS News and CNN, and a portfolio of live sports including CBS Sports and TNT Sports, as well as a deep programming library and expansive collection of brands and franchises. The transaction closed following receipt of all required regulatory approvals under the merger agreement and satisfaction of other customary closing conditions. Skydance Class B shares will begin trading today on the New York Stock Exchange (NYSE) under the new ticker symbol "SKYD."
Gerry Cardinale and RedBird play a particularly significant role, reflecting their longstanding vision connecting media, sports and entertainment. Here are A few key points:
- Cardinale is the strategic architect of the transaction, rather than simply one of its investors: the deal takes the model RedBird has built across media, sports and entertainment to an unprecedented scale.
- This is an approach Cardinale has pursued for years: starting with iconic assets that are difficult to replicate and building stronger platforms around them by combining capital, operational expertise, technology, distribution and management.
- Sports are a core component of the new platform, which also brings together CBS Sports and TNT Sports: live content, large audiences and global communities are increasingly part of the same media and entertainment ecosystem.
- RedBird is also directly involved in the investment: the transaction includes $47 billion in new capital. The Ellison Family and RedBird also jointly hold 100% of the voting rights in the new company.
- The transaction is designed to drive growth and continued investment, as well as efficiencies: more than $30 billion allocated to content and a target of over $10 billion in free cash flow by 2030.
Cardinale describes this as a “defining moment for the industry”: applying RedBird’s owner-operator model to a unique portfolio of leading brands, original productions and sports rights, preserving their value while positioning the business for the industry’s long-term transformation.
Gerry Cardinale, Founder and Managing Partner of RedBird Capital and a Skydance Board Director, said: "This is a defining moment for the industry. By applying our owner-operator model to Paramount and WBD's unmatched portfolio of iconic franchises, premium original programming, and live sports rights, we can protect that legacy while building for a media landscape that's undergoing transformational change. David, our Co-CEO Ynon Kreiz, and the rest of our world-class Skydance team have the vision and track record to lead through this change. We're proud to back them as we build a stronger Hollywood, expand opportunities for talent, and create long-term value for our shareholders."
